European Union Aims to Clinch Deal on Landmark Crypto Law This Month

The European Union (EU) is close to reaching an agreement on vital legislation to govern the cryptocurrency sector, establishing similar rules for all 27 member states. According to the sources, France, which now holds the European Union presidency, and the European Parliament are optimistic about addressing the remaining difficulties holding up the Markets in Crypto-Assets (MiCA) package and reaching an agreement this month. On June 14 and June 30, negotiators are expected to meet. NFTs, Stablecoins, and Large Crypto-Asset Service Providers MiCA was first used in 2020, and a unified accord will usher in a new age of European Union legislation. The recent events surrounding the collapse of UST, on the other hand, have heightened the need to protect investors and examine the influence of cryptocurrency on the region’s financial stability. As a result, the European Parliament’s member states hope to reach an agreement on the following controversial matters shortly. Stablecoins should be appropriately regulated, including the possibility of limiting their use as a payment method by imposing a cap on transactions not denominated in Euros. Whether or not nonfungible tokens (NFTs) should be included in the new set of rules. Large crypto-asset service providers, such as crypto exchanges, are regulated. The MiCA package’s inclusion of anti-money laundering clauses.The post European Union Aims to Clinch Deal on Landmark Crypto Law This...